Sensex falls 114 points, Nifty slips 40 points as markets extend losses

On Thursday, the main equity indices continued their slide for the third straight day, closing slightly lower after moving within a tight range as investor mood stayed subdued.

The Sensex slipped 113.61 points, or 0.15%, to finish at 78,079.96, while the Nifty dropped 40.10 points, or 0.16%, to end at 24,395.85.

Analysts noted that, on the daily chart, the Nifty is nearing a crucial support area near 24,325, where the 20‑day simple moving average aligns with the 38.2% Fibonacci retracement level.

“If the 24,325 level holds, the overall upward trend could restart, with the index likely to test the nearby resistance around 24,775,” said one analyst.

“A clear break above that point may pave the way for a further climb toward 24,900,” added another expert.

Profit‑taking in large‑cap stocks pressured the benchmarks, with Hindalco Industries, UltraTech Cement and Grasim Industries leading the losers on the Nifty.

Even though the headline indices weakened, the broader market showed strength. The Nifty MidCap rose 0.15% and the Nifty SmallCap advanced 0.27%.

Among sector gauges, the Nifty Metal index fell the most, dropping over 1% as metal shares languished.

Conversely, the Nifty Chemical index outperformed its peers and finished the session as the top sectoral gainer.

Market players stayed cautious throughout the session, keeping the benchmark indexes within a narrow band.

“Going forward, the market’s direction will likely hinge on energy‑price movements, geopolitical developments and the steadiness of foreign capital inflows,” remarked a market specialist.

Meanwhile, the Indian rupee continued its gradual decline today, fueled by robust dollar demand from importers.

“In the short term, the USD/INR spot rate is expected to rise, finding support near 95.10 and facing resistance around 95.60,” observed an analyst.